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Professional receipt as business income
My friend provide software related help to his us friends n in turn got 80000 as professional fees , can he classify it as business income and claim depreciation since being a salaried person depreciation benefit gets lapsed and also internet and telephone billing gets lapsed
Replies (1)
Yes.file business return under itr 4 and claim deduction.if your friend is maintaining books of account or file return in 4s and show profit morethan 8% of turn over.
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